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BJUL vs FAPR: Cap, Buffer & Days Left

As of Oct 9, 2026 FAPR can fall 7.2% before its buffer engages and BJUL 3.7%, and FAPR resets 75 days sooner. Net assets on Oct 9, 2026: $363m for Innovator U.S. Equity Buffer ETF - Jul and $1.3bn for FT Vest U.S. Equity Buffer ETF - April.

BJUL costs 0.06 points a year less; their one-year returns differ by 2.0 points; FAPR is 3.7 times larger.

BJULFAPR
Expense ratio0.79%0.85%
Net assets$363m$1.3bn
Total return, 1 year+12.9%+10.9%
What it tracksSPYSPY
Holdings in commonnot published
Index fall to the buffer4.1%8.8%
3.7%
BJUL can fall this far before its buffer
7.2%
FAPR can fall this far before its buffer
13.8%
BJUL can still gain
7.0%
FAPR can still gain
BJULBetween buffer and cap
Between buffer and capBJUL: reference +4.3% since period start, fund +3.6%; buffer 0 to −9; cap +18.1%; Between buffer and cap. Figures to Oct 9, 2026.9 pts of buffer+4.3%+13.9% more to the cap−9.0% floor0% period start+18.1% capTODAY · SPY +4.3%Between buffer and capBJUL: reference +4.3% since period start, fund +3.6%; buffer 0 to −9; cap +18.1%; Between buffer and cap. Figures to Oct 9, 2026.9 pts+13.9% to cap−9.0% floor0% start+18.1% cap+4.3% gain capturedTODAY · SPY +4.3%

BJUL: reference +4.3% since period start, fund +3.6%; buffer 0 to −9; cap +18.1%; Between buffer and cap. Figures to Oct 9, 2026.

BJUL: reference +4.3% since period start, fund +3.6%; buffer 0 to −9; cap +18.1%; Between buffer and cap. Figures to Oct 9, 2026.

FAPRBetween buffer and cap
Between buffer and capFAPR: reference +9.6% since period start, fund +6.9%; buffer 0 to −10; cap +15.2%; Between buffer and cap. Figures to Oct 9, 2026.10 pts of buffer+9.6% gain captured+5.5% to cap−10.0% floor0% period start+15.2% capTODAY · SPY +9.6%Between buffer and capFAPR: reference +9.6% since period start, fund +6.9%; buffer 0 to −10; cap +15.2%; Between buffer and cap. Figures to Oct 9, 2026.10 pts+9.6%−10.0% floor0% start+15.2% cap+5.5% more to the capTODAY · SPY +9.6%

FAPR: reference +9.6% since period start, fund +6.9%; buffer 0 to −10; cap +15.2%; Between buffer and cap. Figures to Oct 9, 2026.

FAPR: reference +9.6% since period start, fund +6.9%; buffer 0 to −10; cap +15.2%; Between buffer and cap. Figures to Oct 9, 2026.

ETFIQ Downside Cover Score · FAPR scores higherIf the market falls into a bear market from here, how much does the buffer absorb?
0.2, the lowest in this set99.8, the highest

A percentile among the 292 buffer ETFs on stocks with a live outcome period. Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it → How it is computed →

They do not reset together. FAPR has 189 days of its period left and BJUL has 264, so the two are not the same bet on the same months.

Where each one stands today

FAPR resets first, on Apr 16, 2027, 189 days from now; BJUL runs to Jun 30, 2027, 264 days. BJUL can still gain 13.8% before its cap, FAPR 7.0%. A fall from here reaches BJUL’s buffer after 3.7% and FAPR’s after 7.2%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Total returnGap to the reference's price return
WindowBJULFAPRBJULFAPR
3 months+2.8%+2.8%−0.4 pts−0.3 pts
6 months+9.6%+6.8%−5.0 pts−7.8 pts
1 year+12.9%+10.9%−3.1 pts−5.0 pts
3 years+61.2%+48.2%−17.9 pts−31.0 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

BJUL
Innovator U.S. Equity Buffer ETF - Jul · Absorbs the first 9% of loss on SPY and caps the gain at 18.1%, over a period ending Jun 30, 2027
FAPR
FT Vest U.S. Equity Buffer ETF - April · Absorbs the first 10% of loss on SPY and caps the gain at 15.2%, over a period ending Apr 16, 2027
Issuer Innovator First Trust
Reference index SPY SPY
Buffer 9% 10%
Outcome period Jun 30, 2026 to Jun 30, 2027 Apr 20, 2026 to Apr 16, 2027
Days left 264 189
Starting cap +18.1% +15.2%
Can still gain 13.8% 7.0%
Fall before buffer 3.7% 7.2%
Protection left, index points 9.0% of 9.0% 10.0% of 10.0%
Index return this period +4.3% +9.6%
Fund return this period +3.6% +6.9%
State today Open Open
Expense ratio 0.79% 0.85%
Net assets $363m $1.3bn

As of Oct 9, 2026. Source: ETFIQ.

BJUL in plain words

From its price on Oct 9, 2026, the fund can gain about 13.8% more before it reaches its cap. The fund's price can fall 3.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 4.1% from today's level to the point where the buffer begins. Protection left, in index points: 9.0% of the 9.0% buffer still sits below today's SPY level. 264 days remained on Oct 9, 2026. On Jun 30, 2027 the period ends and a new cap is set.

FAPR in plain words

From its price on Oct 9, 2026, the fund can gain about 7.0% more before it reaches its cap. The fund's price can fall 7.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 8.8% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 189 days remained on Oct 9, 2026. On Apr 16, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, BJUL or FAPR?
From their prices on Oct 9, 2026, BJUL can gain about 13.8% before its cap and FAPR about 7.0%, so BJUL has more room left this period.
Which resets first, BJUL or FAPR?
BJUL ends its outcome period on Jun 30, 2027 and FAPR on Apr 16, 2027. A new cap is set the day after each.
Which is cheaper, BJUL or FAPR?
BJUL charges 0.79% a year and FAPR charges 0.85%, so BJUL is cheaper. Fees come from each fund's prospectus.
Other comparisons
BJUL vs PJULBJUL vs FJULBJUL vs PJANBJUL vs FJUNFAPR vs PJUNFAPR vs UMAYFAPR vs PDECFAPR vs POCT
SPY →BJUL on its own →FAPR on its own →How every figure is computed →Standards and sources →
Where these figures came from
BJUL filings on SEC EDGAR ↗Innovator page for BJUL ↗FAPR filings on SEC EDGAR ↗First Trust page for FAPR ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

ETFIQ calculates every figure from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.

Every figure is an ETFIQ calculation with distributions reinvested.

Cite this page

ETFIQ, BJUL against FAPR, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/bjul-vs-fapr

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.